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Part II The Transatlantic Dialogue, 6 The United Kingdom—Gentlemanly Capitalism and the International Markets

Edited By: Jeffrey Golden

From: International Capital Markets: Law and Institutions (2nd Edition)

Cally Jordan
Edited By: Jeffrey Golden (Consultant Editor)

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 22 May 2024

Capital markets — International Monetary Fund (IMF)

This chapter focuses on the regulation of international markets in the United Kingdom. Providing investor protection in the United Kingdom has been a fraught and difficult process. Even well into the 1980s, one very popular view in the City of London, openly espoused, was that it was not the role of government, nor was it necessarily either possible or desirable, to ‘protect fools from their own folly’. Rather, the gentlemen of the City, historical evidence to the contrary notwithstanding, insisted that their ‘impeccable’ behaviour provided all the protections necessary. Less than a decade ago, the International Monetary Fund (IMF) identified ‘uncertainty risk’ as the major threat to the City of London. At the time, massive regulatory change in the United Kingdom and a tidal wave of EU regulation in response to the global financial crisis were the immediate concerns. Despite the sea changes in the nature of markets and regulatory upheaval in the United Kingdom, the City sailed on. In hindsight, the uncertainty risks associated with the global financial crisis and the EU's regulatory agenda pale in comparison to those posed by Brexit.

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